JICA and SME Development Bank will jointly provide loans for investment projects with an interest rate of 5.5% per annum for up to five years, SME Debelopment Bank has announced. The JICA Loan is a joint venture between the Japan International Cooperation Agency and the SME Debelopment Bank for a five-year loan. The types of businesses that will be able to get loans are those that are specified by JICA. A JICA loan can be applied for up to five years simply by having land and a building as collateral. At least 80% of the loan must be invested in fixed assets, 20% can be used as working capital and the interest rate is 5.5% per annum. This type of loan is suitable for investing in fixed assets, such as the expansion of restaurants, factory Expansion of a building or business building, preparation new construction, purchase of equipment, upgrading machinery.
Applicants for the JICA Loan must submit three license photos taken within six months, copy of registration Copy of household list Valid business license, proof of business and actual residence, three-year income tax return, three-year financial statements (income, expenditure loss / profit statement), mortgage (land and building), map / land History (105/106) written in six months with a note to borrow from SME Debelopment Bank. Oath of ownership of collateral, mortgage title deed, in front of the warranty photo. Next, Left three photos of the yard and business, DICA Registration Number Loan application plan, minutes of the meeting and list of insurance items / values are required.
Over the past three years, the JICA Two Step Loan has provided over 223 billion kyat in agriculture and rural development loans by state and region, with Ayeyarwady Region providing the largest loan of over 56 billion kyat, according to the Central Statistics Office, citing the Myanma Agriculture Development Bank. From July 21, 2017 to the end of October 2020, JICA Two Step Loan provided loans by over 56 billion kyats (56,602.33 million) in Ayeyarwady Region and over 54 billion kyats (54,287.45 million) in Bago Region. 4,154.24 million kyats in Kachin State; 5982.05 million kyats in Kayah State; 8163.06 million kyats in Magway Region; 23016.25 million kyats in Mandalay Region; 9183.63 million kyats in Mon State; 1585.2 million in Rakhine State; 17457.69 million kyats in Yangon Region; 179,258.64 million kyats in Shan State and 5,152.57 million kyats in Nay Pyi Taw.
Source: Daily Eleven